Servicers begin using HAMP for AG settlement relief

Fannie Mae’s Alt-A Pain May Extend to BofA Determining Eligibility for a Fannie Mae Cap and Extend Modification for Disaster Relief The servicer must not require a complete BRP to evaluate the borrower for a Fannie Mae Cap and Extend Modification for Disaster Relief and is not required to have previously solicited the borrower for a workout option prior to offering a Fannie Mae Cap and Extend Modification for Disaster Relief.

After many months of negotiation, 49 state attorneys general and the federal government have reached agreement on a historic joint state-federal settlement with the country’s five largest loan servicers: Ally/GMAC Bank of America Citi JPMorgan Chase Wells Fargo This bipartisan settlement will provide as much as $25 billion in: Relief to distressed borrowers in the [.]

 · Bank of America announced it’s on track to fulfill consumer relief requirements as part of the national mortgage settlement within the first year of the three-year agreement. So far, the bank has completed or approved $15.8 billion in consumer relief for.

The servicers were required to provide up to $17 billion in principal reduction and other forms of loan modification relief nationwide. They ended up providing over $50 billion in gross relief which translated into $20.7 billion in credited relief under the terms of the Settlement.

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MHA Sunset Overview Servicer training 2 makinghomeaffordable|september2016 4 HAMP Effective September 1, 2016 servicers are no longer required to proactively solicit nor satisfy the ReasonableEffort standard with respect to borrowers who becameeligiblefor HAMP after that date.

Nationstar a.k.a. Mr. Cooper settles with Massachusetts Attorney General for allegedly failing to offer loan modifications, and, in some cases, even foreclosing illegally. The settlement is worth millions of dollars in relief to homeowners.

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New Loan Modification Standards to Take Effect Later This Year. Banks and mortgage servicers are expected to use new standards when providing loan modifications to homeowners with delinquent mortgages, according to a proposal from the Mortgage Bankers Association, the main industry group for mortgage banking.

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AG settlement clears BofA from HAMP lawsuit.. The bank said it was providing $11 billion in relief and fines with the agreement.. Servicers begin using HAMP for AG settlement relief.

 · Wells Fargo said it had $352 million of loans under HAMP in a trial modification period as of June 30.. HAMP pays mortgage lenders and servicers to.

 · In one key regard, the foreclosure settlement reiterated what has already been the rule under the Obama administration’s primary loan modification plan, Home Affordable Modification Program (better known as HAMP): Servicers must decide how to respond to.